Saudi Arabia: Saudi stock market operator Tadawul Group has entered a non-binding deal to acquire a 51 percent stake in financial technology provider, Direct Financial Network Co.

Tadawul Advanced Solutions Co., known as Wamid and owned by Tadawul, signed a memorandum of understanding with National Technology Group, a majority shareholder of DirectFN, according to a bourse filing.

GIB Capital has been appointed to advise on the proposed transaction, with a target value of SR140 million ($37 million), subject to adjustments.

The parties involved will hold further negotiations and obtain the necessary regulatory approvals before finalizing the deal, Tadawul said in the filing, adding that any updates will be announced in due course.